1 (844) 589-9732

Michigan Collection Agency Bond

The Michigan collection agency bond is required by the state’s regulatory body, LARA. The bond required will be between $5,000 and $50,000; and a $10,000 bond for collection agencies who repossess goods.  Please call AmeriPro Surety Bonds today at 844-589-9732.

Michigan Collection Agency Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Collection Agencies – Michigan

 

 

 

As a condition of licensing, Michigan collection agencies are required to furnish LARA, the Michigan Department of Licensing and Regulatory Affairs, with evidence of having filed a surety bond.

AmeriPro Surety Bonds sources the best deal for the surety bond you require. We offer the collection agency bond for both first time collection agencies and renewal collection agencies.

 

 

 

Michigan Collection Agency Bond – The Amount Required

 

 

 

According to Section 339.907 of the Michigan legislature, the amount of your Michigan collection agency bond will be between $5,000, but no more than $50,000.

The amount of surety bond you need will be determined by LARA.

Not mentioned in the statues is the fact that collection agencies which engage in repossession of property must obtain a flat $10,000 surety bond.

 

 

 

The Cost and Duration of this Surety Bond

 

 

 

As someone who is engaged in the collection agency profession, you well understand the following:

The cost of your collection agency surety bond will be determined by the following factors:

  • The amount of the surety bond that you require;
  • Information provided by you on a short surety bond application;
  • Your credit score.

As a broad general rule, a $5000 surety bond may cost as little as 2%, and a $50,000 surety bond may cost as little as about 1%; however, we emphasize that the amount you will pay will be determined by the above considerations, and may therefore vary.

Once issued, this surety bond is active for one year from the date of issuance.

 

 

 

Michigan Collection Agency Bond: Its Purpose

 

 

 

While you are required to purchase a collection agency bond as one of the conditions for licensing, its benefit is for the benefit of the consumer.

Specifically, the bond protects the consumer from a Michigan collection agency which:

  • Has wrongfully taken money from a consumer;
  • Or, rightfully has taken money from a consumer, but fails to remit or report the money taken.

The existence of the surety bond allows those consumers who can credibly demonstrate financial harm, to file a claim against your surety bond and to be compensated for loss.

As principal of the surety bond, were a claim paid against your bond, you would be liable to reimburse the surety for all costs and fees paid in the settlement of any claim amount.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Michigan.

Our agency also provides surety bonds nationwide.

Please call us today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will call you…

 

 

Request a Callback

  • Date Format: MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

apply today

recent news

Lost Cashier’s Check Bond | Lost Instrument Bond

If you’ve lost a cashier’s check or money order, to replace it, the banking institution will require that a “Lost Instrument bond” be purchased in order to re-issue it. Learn how to quickly purchase this bond with AmeriPro Surety Bonds.

Mortgage Broker Bond

A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.

Notary Public Bond California

A notary bond, also known as a notary public bond, is a bond that is required by the state of California to engage in the business of witnessing signatures on documents. 

Indiana Replevin Bond

Indiana Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Indiana Action of Replevin; Surety Bond and Purpose       An replevin action takes place in a civil litigation proceeding. The Plaintiff, permitted by order of the presiding...

Illinois Probate Bond

Illinois Probate Bond AmeriPro Surety Bonds | 844-589-9732       Surety Bond; Purpose       Probate is the legal process of “proving” a will. Probate may also be required when a decedent is intestate, that is, dies without a will, to...

Illinois Replevin Bond

  Illinois Replevin Bond AmeriPro Surety Bonds | 844-589-9732     Surety Bond; Purpose And Amount       An action of replevin, alternately referred to as a “writ of attachment” or sequestration, occurs when a Plaintiff, in a civil...

contact us

Office: 1 (844) 589-9732

Hours of Operation:

Monday – Friday 6 am to 5 pm (PST)